Oil inventories in OECD countries have fallen to a record low
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Total oil reserves in the countries of the Organization for Economic Cooperation and Development (OECD) for the first time since 2004 fell below 4 billion barrels. This is reported in report International Energy Agency (IEA).
The OECD is made up of 38 countries, including most of the EU countries, the US, Japan and South Korea. The organization was established in 1948 to coordinate projects for the economic reconstruction of Europe under the Marshall Plan. Since 2007, the OECD has been negotiating Russia’s accession to the organization. Due to the conflict in Ukraine, negotiations were terminated.
According to the study, stocks in OECD countries fell by 45.5 million barrels in September, among which 8 million are industrial stocks, and 37.4 million are state stocks. The United States made the largest contribution to the decline in reserves, which released about 28.3 million barrels of oil from reserves. At the end of September, the total reserves of OECD countries amounted to 1.2 billion barrels.
OPEC predicts a further decline in global oil demand growth this year and next. In OECD countries, demand in 2022 will increase by 1.3 million b/d, and in 2023 the growth will be 0.3 million b/d.
According to OPEC’s annual review, the oil industry faces risks of underinvestment. The authors of the report expect that China, India and other developing countries will fuel demand until 2035, after which energy consumption will reach a “plateau”. Russian production is expected to decline by 3.8% over this period.
More details – in the material “Kommersant” “Oil is not in a hurry to bury”.
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